Cell Prices Continue to Decline; A Potential Rebound can be Seen in PV Glass Prices

Polysilicon
Polysilicon prices have remained stable throughout the week. The mainstream concluded price for mono recharge polysilicon is RMB 83/KG, while mono dense polysilicon is priced at RMB 81/KG and N-type polysilicon is currently priced at RMB 92/KG.
On the supply side, disruptions in the operations of major polysilicon manufacturers have impacted a portion of their output, despite an increase in polysilicon production capacity. Nonetheless, the actual output remains constrained, maintaining a tight supply situation. Turning to the demand side, September is witnessing a significant uptick in wafer production schedules. Consequently, crystal pulling manufacturers continue to have robust demand for procuring polysilicon. For this month, most polysilicon orders have already been finalized, and market turnover remains limited this week. While the supply and demand dynamics for polysilicon continue to be tense, there is a prevailing cautious sentiment in the downstream market. As a result, the price of polysilicon is holding steady for the time being.
Wafer
The prices of wafer have remained stable throughout the week. The mainstream concluded price for M10 wafer is RMB 3.35/Pc, while G12 wafer is priced at RMB 4.35/Pc.
On the supply side, September witnessed a significant surge in wafer production schedules. However, some wafer companies are now grappling with the possibility of scaling back production due to difficulties in procuring polysilicon. Turning to the demand side, a declining demand in the downstream market has led to a continuous drop in cell prices, causing a reduction in enthusiasm among certain cell manufacturers to purchase wafers. The overall tight balance can be seen in the supply and demand relationship for wafers. Furthermore, upstream polysilicon prices have remained stable, while pressure from the downstream markets is pushing prices lower. Consequently, there is no support for an increase in wafer prices, and it is anticipated that wafer prices will remain stable in the short term.
Cell
Cell prices have still declined slightly this week. The mainstream concluded price for M10 cell is RMB 0.73/W, while G12 cell is priced at RMB 0.72/W. The price of M10 mono TOPCon cell is RMB 0.78/W.
Regarding the supply side, cell production is running at full capacity, ensuring an ample overall supply. On the demand side, cost pressures within the module sector are impacting cell manufacturers. Some specialized module companies reduce their production, resulting in decreased demand for cells. Consequently, certain cell manufacturers are lowering their prices to boost shipments. Additionally, module companies are keen to negotiate lower cell prices. As a result, it is expected that cell prices will continue to gradually decline in the short term.
Module
Module prices have maintained stability throughout the week. The mainstream concluded price for 182mm facial mono PERC module is RMB 1.21/W, 210mm facial mono PERC module is priced at RMB 1.23/W, 182mm bifacial glass PERC module at RMB 1.23/W, and 210mm bifacial glass PERC module at RMB 1.24/W.
Regarding the supply side, the operation rate of module production is predominantly upheld by top-tier manufacturers. However, some specialized module companies are persistently scaling down their production, exerting pressure on the upstream market. On the demand side, the increase in customer demand has fallen short of expectations, and the module market remains intensely competitive. Integrated module firms continue to maintain their pricing advantage, while specialized module companies are looking to raise prices. Nevertheless, there is no compelling reason for module prices to increase, and as a result, they are expected to remain stable in the short term.
Auxiliary materials: This week, PV glass prices increase significantly. The mainstream concluded price for 3.2mm glass rise to RMB 28/㎡, while 2.0mm glass is priced at RMB 20/㎡, increasing 7.69% and 11.11%, respectively. Currently, there hasn’t been any new production capacity added for PV glass, and the market turnover is showing a positive trend. However, the persistent high prices of soda ash are putting pressure on PV manufacturers to raise the prices of PV glass to cover their increased costs.